What is a Lead Management System and How Can It Help Me?

In the world of marketing, there is always a great focus on lead generation, but it’s easy to forget the critical practice of lead management. Implementing a top-tier lead management system can give you a leg up on the competition.

Lead management isn’t just a way to organize and sort leads. It should go beyond basic lead sorting. With the right lead management software, leads become a key asset to foster and sustain growth for your business in extraordinary ways.

What is a Lead Management System?

Lead management includes the organization of incoming leads from lead generation efforts but also covers actions like lead filtering, grading, contact, and distribution. It assists lead generators with every single aspect of the leads—prioritizing leads that are likely to convert, guarding against leads that don’t meet your standards and making sure you get the most out of your leads by distributing them to the proper channels.

It can also assist with lead nurturing—the careful process of forming a connection with leads with an eye towards conversion. For the lead nurturing process, lead management software should integrate platforms for call tracking and email marketing. Being able to follow-up with a call or using an email drip campaign are both smart ways that you can nurture your leads.

Businesses may require different lead management software depending on their size. Some may be managing a few hundred leads while others can be dealing with thousands of leads on a daily basis. One good rule of thumb is to find lead management with a proven ability to scale; that way the system can grow along with your business. Whether it’s supporting your first 100 leads or 100,000 leads, the software needs to be robust enough to handle it.

How Can a Lead Management System Help?

Sorting and organizing incoming leads are fundamental to obtaining a solid grasp on your lead workflow, and a lead management software should be judged on how well it helps you manage your leads. It is essential to have information regarding how many leads you are generating and have mechanisms in place so that no lead is lost. However, it should also give you the tools to do far more than keep track of your leads.

Because it keeps track of all your incoming leads, you will no longer have to spend time seeking out specific leads or worrying about anything slipping through the cracks. It will give you the ability to set custom filters on your leads. Filtering and restrictions put you in control of your leads, so you won’t waste time on leads that are unlikely to convert.

It will also help you boost revenue. URL tracking gives you the insight into the traffic source for each lead—this means you’ll have a clear vision of your marketing ROI. Being able to put your marketing spend under a microscope allows you to make critical adjustments to get a better return on your investment. Plus, you can access additional revenue sources by redistributing leads that you have rejected on an online marketplace. It can give you the tools to effectively manage your own lead distribution business, generating extra revenue from leads that would otherwise have been discarded.

Lead management software is a catalyst to grow and improve decision-making. Access treasure troves of data that your leads produce. The software will analyze this information for you and produce reporting to provide vital insights into your business, so you can adjust your strategy and make data-driven decisions that will have a positive impact.

If you are running a business that relies on effectively generating and converting leads, lead management software is an absolute necessity. They can help your business run smoothly, save time, and open up new streams of revenue.